Hot Bargain Property August 16th, 2006
Nice Solid Home In Great Neighborhood!
General: San Diego, 3 bedroom 1.75 bath asking price between $450,000 and $475,000. I'd start at $380,000 and work up; I think $400,000 or less will get the property.
Why you should be interested: This is a nice solid home in a mature neighborhood with great schools! Mature shade trees in both front and back yards.
Selling Points: The home is in good shape, the neighborhood is quiet, and it's close to the freeway.
Why I think it's a potential bargain: The current owner inherited it, and lives on the other side of the country. They have this property, and they want cash. They didn't pay for it, they have no ego involved, they just want to sell it before they have more outgo.
Obvious caveats: Not really a lot you can do to improve value.
Why it hasn't sold already: Probably because nobody realizes how much give there probably is the asking price.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, it would be worth approximately $610,000. If you held it those ten years before selling, you would net about $290,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Nothing more that I can see.
Obvious way to enhance value or appeal of property: Not much comes to mind. There is some upscale in the area, but not real close to this property.
I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.
Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.
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